Developers' interest in purchasing land and residential plots is increasing

The Department of Cadastre and Land Surveying has conducted a study that provides insights on property transactions and prices in Cyprus during the second quarter of 2024. The analysis is published in the Land Registry Board's weekly "Real Estate Market Newsletter". In addition to offering information on average selling prices and transaction volumes across different locations, the study covers trends in four major real estate categories: apartments, houses, plots, and land.

In addition to sales in cities, the data includes transactions that take place throughout the entire geographic region of every district in Free Cyprus. This comprehensive approach provides a wide view of the present status of the real estate industry.

Change in buyer interest

The Real Estate Registration Council's president, Marinos Keynegirou, claims that the status of the market has caused an obvious shift in buyer habits, with more focus on apartment purchases. This pattern is mostly explained by the growing cost of housing buy along with local purchasers' limited borrowing capacity. Land developers are therefore becoming more interested in purchasing land and residential lots.

Apartments

489 apartment transfers were reported in Cyprus during the second quarter of 2024, with Nicosia recording the highest number of sales. But Limassol jumped out as the district with the highest average apartment value, at €246,919, much above the averages of the other provinces. Nicosia had an average of €134,031, closely followed by €109,804 for free Famagusta, €122,846, €133,058, and Larnaca.

Houses

110 house transactions were entered in the same time frame, Nicosia was not included since there was not enough information. At €398,857 from 31 transactions, the district of Paphos had the highest average property value, Limassol came in second with an average of €362,429 from 24 sales. 35 transactions in the free province of Famagusta yielded an average value of €273,028, Larnaca had the lowest value, at €205,035. These numbers show sales throughout all districts, not just those in cities.

Plots

Plot sales were highest in Nicosia, which accounted for 273 of the 666 transactions recorded in Cyprus during the second quarter. The districts of Paphos and Limassol, with average plot values of €265,884 and €260,613, respectively, documented the highest values in spite of this. Nicosia came in second with €198,737, while the average for Larnaca and free Famagusta were €173,220 and €151,103, respectively. The high numbers observed might be because certain plots have greater areas or contain pre-existing buildings.

Land

With 852 out of 1,501 completed purchases nationally in the larger land category, Nicosia and Limassol combined accounted for most of transactions. But with an average land value of €170,873, Paphos had the highest value while Larnaca had the lowest, at €96,255. The average land values for the other districts were €104,752 in Nicosia, €135,392 in Limassol, and €144,359 in free Famagusta. Buildings may be included on some areas classified as land, which would affect the stated values.

According to the statistics, developers are becoming more interested in buying land and residential plots as strategic investments in accordance with changing preferences of buyers in Cyprus' real estate market.